MSNBC political reporter Alex Seitz-Wald reported that depending on the specifics of the probe into Hillary Clinton‘s emails sought by State Department investigators, it could have “enormous consequences” on the 2016 presidential race.

“The stakes are incredibly high, but there are still lots of questions to which we still do not have answers. The Hillary Clinton campaign is saying that Hillary Clinton did nothing wrong, she complied with all requirements in using her private e-mail account…” he told MSNBC host Tamron Hall.

“But two big questions here: one, is Hillary Clinton the target of those potential investigations? And two, is it the emails themselves or is it the way the State Department went about releasing them to the public, which they’ve already started doing?”

Seitz-Wald said that depending on the answers, there were “hugely potential different consequences. If Clinton is the target, if the emails are the target, that has the potential to completely change the 2016 contest, enormous consequences.”

What’s more, he said, even if the story was “much ado about nothing,” Clinton still came out the loser. “This speech today on Wall Street on what she would do to rein in corporate unaccountability, she wants this to be the headline of the day. She does not want us to be talking about her emails, and the fact that we are means not a good day for Hillary Clinton.”